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CSX top executives retire as railway awaits ascension of Hunter Harrison
CSX chief executive Michael Ward and president Clarence Gooden will retire May 31, the Jacksonville-based railway announced, as all await the ascension Hunter Harrison, ex-CEO of Canada's CP and CN.
Sales chief Fredrik Eliasson has already replaced Gooden, who becomes vice chairman until his retirement, reports American Shipper.
Last month, Mr Harrison stepped down from the CP post, forfeiting millions, while his allies at Mantle Ridge purchased a 4.9 per cent stake in Class I CSX railway.
The hedge fund then began discussions with the company about installing Mr Harrison as CEO, which seemed to be going smoothly before abruptly hitting a wall last week over the high-level of compensation demanded and the number of seats he and his allies would have on the CSX board.
Jacksonville's First Coast News reports CSX will eliminate about 1,000 management positions, starting in late March. Layoffs will include positions both in the field and at company headquarters, and all management positions will be subject to review.
Sales chief Fredrik Eliasson has already replaced Gooden, who becomes vice chairman until his retirement, reports American Shipper.
Last month, Mr Harrison stepped down from the CP post, forfeiting millions, while his allies at Mantle Ridge purchased a 4.9 per cent stake in Class I CSX railway.
The hedge fund then began discussions with the company about installing Mr Harrison as CEO, which seemed to be going smoothly before abruptly hitting a wall last week over the high-level of compensation demanded and the number of seats he and his allies would have on the CSX board.
Jacksonville's First Coast News reports CSX will eliminate about 1,000 management positions, starting in late March. Layoffs will include positions both in the field and at company headquarters, and all management positions will be subject to review.
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